Oil is up more than 30 percent since its low in March and one oil policy expert thinks it's going to continue to move higher.
Kent Moors, executive chair of the Global Energy Symposium, said he sees "restrained upside moving forward." He's predicting a gradual increase to about $70-$73 per barrel for Brent and $60-$65 for U.S. crude by mid-July.
"We're going to be reaching a major point in the midsummer where peak in production from the primary new wells 12-18 months in the past is going to be hit, which means we are going to see a rather significant decline in production from the newest wells," Moors said in an interview with "Closing Bell."
"What we are going to be seeing is a ratcheting up of the pricing floor as the new supply and demand balances kick in."